Van ECK Associates Corp increased its position in D-Wave Quantum Inc. by 52.6% during the second quarter. The firm disclosed the move in a recent SEC filing. The asset management firm purchased 806,835 additional shares. Total holdings now reach 2,339,788 shares. The position is valued at approximately $56.1 million. This stake represents about 0.63% of the company.
D-Wave released its second-quarter earnings report on August 6th. The company announced revenues of $3.1 million. Year-over-year revenue remained flat. The company recorded a net loss of $48 million for the quarter.
Other institutional investors also modified their holdings in the quantum computing firm. The increased investment from Van ECK indicates institutional interest despite the company's financial results.